Financial Statement

Mike Wood Excerpts

Wednesday 23rd March 2022 Commons Chamber

[Rishi Sunak]

As the hon. Gentleman knows well, given that we are constituency neighbours, I also represent plenty of farmers and I listen to their concerns. The Agriculture Secretary is doing an excellent job of transitioning from the old system to the new. The overall funding for farming has been protected by this Government and the same level of funding is available, as we promised it would be. I want to see more British food grown here and to see us supporting British food—of course I do, and I think the British public will as well.

[Mike Wood (Dudley South) (Con)]

The shadow Chancellor quoted Money Saving Expert Martin Lewis’s comments from before the spring statement, but since the statement he has written:

“That £3,000 rise of threshold to £12,570 is a gain of £330 a year and more than offsets the…rise for many on lower incomes. Good call.”

Just what proportion of workers will now be getting more money from the higher threshold than they pay in the health and social care levy?

[Rishi Sunak]

I am grateful to my hon. Friend for sharing that helpful tweet with the House, but I would say to him that the number he is looking for is 70%—70% of workers will pay less because of the increase in thresholds, even taking into account the new levy. That is why this Government are on the side of hard-working British taxpayers.